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New laws improve business climate in Indiana
July 1 marked a significant climate change in the state of Indiana – a business climate change.
New laws passed in this year’s Indiana General Assembly greatly enhanced Indiana’s ability to support and create more jobs.
“These laws didn’t get a lot of attention, but I think they’ll make a big difference in the state’s continuing quest to attract new business.”
Here’s a recap of economic impact laws that took effect July 1.
- House Enrolled Act 1001 establishes a $6 million High-Growth Business Incentive Fund. Indiana now joins at least 10 other states have such “deal closing” funds available during negotiations with firms. HEA 1001 also provides $69.75 million for the 21st Century Research and Development Fund. Recent R&D efforts will lead to the creation of 2,000 new jobs by 2010.
- The Senate restored $1.32 billion in Major Moves highway projects, creating high-paying construction jobs and promoting nearby, long-term economic activity. This bill also provides $2 million for technical and financial assistance to small businesses, which create the majority of new jobs.
- SEA 500 extends incentives to investors providing start-up dollars to Indiana firms. Our state has historically struggled to attract venture capital. Since 2004, 126 businesses have benefited.
- HEA 1461 allows tax exemptions for patent-derived income, including licensing fees, royalties, or receipts from the use or sale of patents. High-tech start-ups in biotech, pharmaceuticals and computers, are known to be “patent heavy,” but critical for a 21st century economy.
- HEA 1281 encourages Indiana’s public and private sectors to develop, manufacture and use bio-based products made from plant and animal sources otherwise produced from petroleum. Our goals were to create new jobs and markets, enhance national security by reducing foreign-oil dependency and protect our environment. Experts say such efforts could position Indiana as a national leader in bio-based products.
- SEA 250 pools money—one half cent per bushel—from initial corn sales for research in new uses, including ethanol fuels. Similar R&D efforts in surrounding states raise millions of dollars. Indiana’s current voluntary program raises just $46,000 per year. Farmers not wanting to participate may seek refunds.
- SEA 106 authorizes grants and loans to universities and businesses from Indiana’s 21st Century Research and Technology Funds for development of alternative fuel technologies and further development of fuel-efficient vehicles.
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